Los Angeles daily herald., 1887-10-12
1924, ,249. 900 $243. .693, 900


We shall not attempt to explain
how it is that in some cases the funded
is greater than the net debt after de-
Quoting sinking fund. for with the
data at hand this is impossible. How
ever, there are few instances of this
difference in the above list. With
fuller information, satisfactory reasons
could no doubt be given. The debt of
Louisiana includes the old debt of
1874, which is now being refunded.
Califo mia holds in trust for her school
and university funds $2,690,000 OF
her bonded debt, on which inter-
est only is payable. Delaware
holds interest paying securities
of over 81 ,000, 900, and is, therefore,
practically out OF debt. Illinois is the
only State in the Union not charged
with debt of any kind. Iowa's debt is
invested in the School fund, the inter-
est only being payable. Kansas has
about $608, 900 in permanent School
fund, and $21 900 in sinking fund.
Kentucky has $3.50 $50 in the Sinking
fund. Maryland has 81 ,5lS, 800 in in
sterest-paying securities of corpora
tions and also $27 ,723 300 in unpro-
ductive securities. Massachusetts
has $40, ,2s7 500 in the Sinking fund,
the largest amount thus credited by
any State in the Union. 1t also has
the largest funded debt.
Minnesota hollis 2,s49 900 as per-
manent investment by school funds.
Mississippi has invested $2,404, 900 in
school funds, on which interest only
is payable. The sinking fund of New
York October l, 1886, was $5 ,05l 900.
Pennsylvania holds interest paying
securities of corporations to the value
of $1,000, 900 and $2,O77 900 in the
sinking fund, thus reducing its funded
debt to little over $1O,0O0,000. The
constitution of West Virginia inter-
diets the contraction of debt. 1t will
be noticed that several OF the
States are practically out of debt.
Included in the list is Cali
fornia, Colorado, Delaware, Illinois,
Iowa, Kentucky, Michigan, Nebraska,
Nevada, Oregon, Vermont and West
Virginia. Virginia made contract
with bondholders to receive coupons
in payment for taxes. Subsequent
legislation has tried to evade the plain
proposition of the bonds, but the
Supreme Court has twice decided that
coupons are legal tender for State
taxes. Still, rather than have their
titles to property in any way clouded,
most people in Virginia pay their
taxes in money.
The amount of taxable property in
the several States, real and personal,
according to recent official reports,
foots up total of $21, 1887 ,437 900.
The States representing an assessable
value exceeding 81 ,000, 100000 are
New York, Pennsylvania, Massachu-
sets and Ohio. The personal prop
erty roll Of Pennsylvania is nearly the
same as the real estate roll. This is
the only State where such novelty
is observed, and the question natu-
rally arises, Is such condition pecu-
liar to that State, or are the people
there more scrupulous in making
returns? 1t is known that Penn-
sylvania is one Of the great manufac-
turing States OF the country, and not
only employs large amounts OF capital,
but has large sums invested in the
plant of factories, mills and other in
dustries, besides raw materials for
manufacturing purposes. The per-
sonal property roll of Ohio is about
one-haif of its real estate roll. In
Massachusetts it is about two-fifths.
New York, the money and merchan-
disc center of the whole country, when
it comes to paying taxes on personal
property, has only one-ninth of its
taxable assets in the form of personal
property.
The assessment roll in these four
States was recently made up as follows
Real So, ,s99, 800 900
Persoual 324, ,7S3,0O0
Pcunsylyania-
Real 81, 697, ,2O2.O 900
Personal I,463, ,SI4 900
Massachusetts
Real 81, ,287. $4,000
-,e I.7s2, ,34s 900
Ohio
Real 81, ,16O, 1865 900
o-,-- 1,670,O6 900
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